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Actual cost (real cost): Are those which are actually incurred by the firm in payment for labor, material, plant, building, machinery, equipment ,etc.
Opportunity cost: The opportunity cost is the opportunity lost. An opportunity to make income is lost because of scarcity of resources like land, labor, capital etc., or the making of one decision over another decision.
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What is the difference between constant opportunity cost and increasing opportunity cost?
Real cost is the price which is real not a fake price
What is real cost and opportunity cost?
lots
What is the economic term for sacrifice foregone?
Opportunity cost or real cost.
Is opportunity cost define as the real cost or the variable cost?
The opportunity cost is defined as alternative cost - costs measured in output of products and services forgone.It can't be defined as variable cost. In the simple formula p = 2q + 100, we can say that 2 is the variable cost. In other words: it's not fixed like the 100.Opportunity costs are not restricted to financial or monetary costs though. The real costs of output forgone (e.g. when choosing between a number of products like shotguns and bananas), lost time / pleasure, or any other benefit that provides benefit should also be considered opportunity costs. Therefore real costs are part of opportunity costs.
Relevance of opportunity cost?
Opportunity cost is the economic, or real cost, of taking any action (as opposed to its accounting, or fiscal, cost). This cost is relevant as part of profit-optimising functions that determine allocations of spending and goods for economic agents.
What is the difference between constant opportunity cost and increasing opportunity cost?
Real cost is the price which is real not a fake price
Difference between real cost and money cost in about 300 words?
what is the difference?
What is real cost and opportunity cost?
lots
What is opportunity cost and real cost?
lots
What is the economic term for sacrifice foregone?
Opportunity cost or real cost.
Is opportunity cost define as the real cost or the variable cost?
The opportunity cost is defined as alternative cost - costs measured in output of products and services forgone.It can't be defined as variable cost. In the simple formula p = 2q + 100, we can say that 2 is the variable cost. In other words: it's not fixed like the 100.Opportunity costs are not restricted to financial or monetary costs though. The real costs of output forgone (e.g. when choosing between a number of products like shotguns and bananas), lost time / pleasure, or any other benefit that provides benefit should also be considered opportunity costs. Therefore real costs are part of opportunity costs.
How far do you have to drive to recover the difference in cost between 2 cars?
That depends on the difference in cost of the cars, the difference in efficiency of the cars, and the cost per mile to operate them. Not enough information for us to give you a real answer.
What is the difference between Saeco and Bosch coffee makers?
THE REAL DIFFERENCE BESDIES THE QUALITY OF THE COFFEE IS THE COST. THE BOSCH IS SURE TO BE MORE EXPENSIVE.
What is the difference between real solutions and real roots when dealing with discriminant?
There is no difference between real solutions and real roots.
What is the difference between real player sp and real player 11?
what is difference between real player sp and real player gold
Relevance of opportunity cost?
Opportunity cost is the economic, or real cost, of taking any action (as opposed to its accounting, or fiscal, cost). This cost is relevant as part of profit-optimising functions that determine allocations of spending and goods for economic agents.
Importance of opportunity cost to individuals?
Importance of Opportunity cost to an individual are : 1. It influences the individuals household in decision making among his numerous wants. 2. It helps the individual to know how to maximise his satisfaction from his limited resources through drawing scale of preference. Importance of Opportunity Cost to Firms 1. It helps a firm to decide to use labour intensive instead of capital intensive method to achieve the highest output. Importance of Opportunity Cost to Government: 1. It enables the government to maximize the welfare of its citizen by choosing the right projects it should spend its scarce resources on.
